Consolidation likely to be resolved to...>

DOLLAR-YEN: Consolidation likely to be resolved to the downside:

*RES 4: 109.92 High May 30

*RES 3: 109.62 High May 31 and standard candle line high

*RES 2: 109.02 Low May 13 and key short-term resistance

*RES 1: 108.80 20-day EMA and just above the Jun 11 high

*PRICE: 108.37 @ 04:29 GMT June 19

*SUP 1: 107.88 Low Jun 6

*SUP 2: 107.81 Jun 5 low and bear flag base

*SUP 3: 107.46 Low Jan 4

*SUP 4: 107.00 Round number support

Overall, bearish conditions remain, despite the continued consolidation that has

dominated trading in June. Consolidation this month has found resistance within

the body of the long standard candle line of May 31. Furthermore, the failure to

move back above 109.00 highlights too the lack of demand in USDJPY. Look for a

break of 107.81 support, the Jun 5 low to confirm a resumption of weakness. A

move above 109.00 is required threaten the bearish tone.